Vietnam News

APEC 2017: PM attends Vietnam Business Summit

Prime Minister Nguyen Xuan Phuc delivered a speech before 2,000
businesses from the Asia-Pacific region and the world at the Vietnam
Business Summit 2017 that opened in the central city of Da Nang on
November 7 as part of the ongoing APEC Economic Leaders’ Week.

He affirmed Vietnam’s determination to build a growth-enabling and
action-oriented government to serve people and enterprises, as well as
to strengthen international integration, maintain macro-economic
stability, reform institutions and legal policies, promote sustainable
growth, and improve people’s incomes.

Reviewing Vietnam’s socio-economic achievements, the PM noted that the
country is likely to enjoy 6.7 percent GDP growth in 2017 and expects
6.5-7 percent growth in 2016-2020.

Average per capita income in 2017 is estimated to rise to 2,300 USD, he
said, adding that Vietnam has signed 12 free trade agreements (FTA) and
negotiated four new others, including those with 18 member economies of
APEC.

So far, Vietnam has attracted more than 24,200 FDI projects worth 310
billion USD, equivalent to 155 percent of GDP, from 120 countries and
territories. Notably, FDI from APEC economies to Vietnam has reached 250
billion USD, accounting for 80 percent of total foreign investment in
Vietnam in the past 30 years, said the PM.

Vietnam has jumped 20 paces in the last five years in the World Economic
Forum’s Global Competitiveness Report for 2017-2018, ranking 55th out
of 137 countries, and 31st out of 137 countries in market scale. Its
position in the World Bank’s Doing Business ranking and GII 2017 have
also improved by 14 and 12 paces respectively.

Regarding the country’s plans for the future, the Government leader said
that Vietnam will concentrate on improving the quality of institutions
and legal policies, while facilitating the rule of law and encouraging
the growth of the private sector. It also hopes to enhance State
governance capacity, stabilise the macro-economy towards sustainability
and push low-income communities to the middle-income group.

Additionally, the country will promote innovative startups by supporting
them, he said, pledging that Vietnam will protect creative ideas and
initiatives in startups, while observing intellectual property rights
within the Law on Intellectual Property as well as the framework of FTAs
the country has joined.

Vietnam will also conduct tax reform towards improving competitiveness
of the economy, with a focus on transparency, equality and effectiveness
to OECD standards, he added.

Themed “Vietnam: We Mean Business”, the one-day event has six thematic
discussions on smart agriculture, financial services, health care and
education, infrastructure, tourism and special economic zones, small and
medium-sized enterprises, startup and renovation.

The potential of localities and sectors will also be introduced during
the event, which also shows major economic achievements of Vietnam and
promotes the country’s products.-VNA